Analysis Of The Financial Performance Of Chester Inc. Essay

Introduction Chester Inc. is a client of SNHU, LLC who prepares the financial statements and financial analysis for Chester Inc. This report will detail several key items including the accounting effects of international expansion as it relates to differences between Generally Accepted Accounting Principles (GAAP), the United States standards, and the International Financial Reporting Standards (IFRS), the standards that would govern a portion of the financial reporting with an international expansion. This report will also review the financial performance of Chester Inc. Additionally; it will use ratio analysis to compare Chester Inc. with two of its main competitors. Changes for IFRS International Financial Reporting Standards, in many ways, are similar to Generally Accepted Accounting Principles (GAAP) however, a few key differences do exist. One of the differences to be most aware of would be necessary changes. â€Å"Many companies will need to make significant changes to existing accounting policies to comply with international financial reporting standards (IFRS), including in such key areas as revenue recognition, inventory accounting, financial instruments and hedging, employee benefits plans, impairment testing, provisions, and stocked-based compensation.† (PWC, 2014) Of these listed areas of particular concern for Chester Inc. will be revenue recognition, inventory and financial statements. Changes in these areas are not just structural or largely cosmetic in natureShow MoreRelatedAnalysis Of The Financial Performance Of Chester Inc.1800 Words   |  8 PagesIntroduction Chester Inc. is a client of SNHU, LLC who prepares the financial statements and financial analysis for Chester Inc. 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